The accounts of Skysong Delivery Service contain the following balances on July 31, 2012. Account Receivable $12,328 Prepaid Insurance $2,024 Account Payable 7,728 Service Revenue 14,260 Cash 11,427 Dividends 644 Equipment 54,611 Common Stock 36,800 Maintenance and Repairs Expense 1,800 Salaries and Wages Expenses 6,836 Insurance Expense 828 Salaries and Wages Payable 752 Notes Payable (due 2025) 26,174 Retained Earnings(July 1, 2022) 4,784 Prepare an income statement for the month of July 2022.

The accounts of Skysong Delivery Service contain the following balances on July 31, 2012. Account Receivable $12,328 Prepaid Insurance $2,024 Account Payable 7,728 Service Revenue 14,260 Cash 11,427 Dividends 644 Equipment 54,611 Common Stock 36,800 Maintenance and Repairs Expense 1,800 Salaries and Wages Expenses 6,836 Insurance Expense 828 Salaries and Wages Payable 752 Notes Payable (due 2025) 26,174 Retained Earnings(July 1, 2022) 4,784 Prepare an income statement for the month of July 2022.

Name: Please do not give solution in image format thanku The accounts of Sky
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Description: Please do not give solution in image format thanku The accounts of Skysong Delivery Servicecontain the following balances on July 31,2012.Account Receivable $12,328 PrepaidInsurance $2,024Account Payable 7,728 Service Revenue14,260Cash 11,427 Dividen

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23, 300 48, e00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37, 200 72,188 28,980 37,000 63, 0ee 39, 0ee Common Stock Retained Earnings Totals $172,400 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,62e units for $168, 800 on account ($1es cach). January 8 Purchase 1,7e8 units for $187,800 on account ($118 cach). January 12 Purchase 1,88e units for $207, 8ee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
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Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 41,610 Accounts payable 7,315 Cash 16,120 Common stock 42,000 Land 17,000 Long-term notes payable 20,350 Merchandise inventory 30,750 Retained earnings 35,815
Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $ 58,800 25,200 Credit Allowance for Uncollectible Accounts $ 2,300 Inventory 36,400 Notes Receivable (5%, due in 2 years) 13,200 Land 156,000 Accounts Payable Common Stock 14,900 221,000 51,400 $ 289,600 $ 289,608 Retained Earnings Totals During January 2024, the following transactions occur. January 1 Purchase equipment for $19,680. The company estimates a residual value of $1,600 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January 8 Purchase additional inventory on account, $83,980. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,980. January 28 Pay cash for January utilities, $16,500. January 38 Firework sales for January total $221,008. All of these sales are on account. The cost of the units sold is $115,580. Information for adjusting entries: a.…
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